3/26, 1:00 PM (Source: TeleTrader)
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Bank of England keeps rate unchanged

The Bank of England's Monetary Policy Committee announced on Thursday that it left its interest rate unchanged at 0.10% after a unanimous vote and in line with expectations, in addition to agreeing to maintain the £645 billion quantitative easing target.

The bank warned the economic consequences of the COVID-19 pandemic are becoming more apparent and a "very sharp" reduction in activity is likely, with a risk of longer-term damage in case of large-scale business failures or significant increases in unemployment. At the same time, it is currently hard to predict the precise magnitude of the economic shock from coronavirus.

"The MPC will continue to monitor the situation closely and, consistent with its remit, stands ready to respond further as necessary to guard against an unwarranted tightening in financial conditions, and support the economy," the bank said in the statement, concluding that it will expand asset purchases further if needed.

Breaking the News / MD